OVL completes acquisition of Equior's stake in Azerbaijan oilfield for $60 mn

ONGC Videsh, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), has completed the acquisition of Norwegian firm Equinor's stake in an Azerbaijan oilfield and an associated pipeline for $60 million, the firm said in a statement.

- PRESS TRUST OF INDIA

OVL has completed the acquisition of 0.615% participating interest (PI) in offshore Azeri Chirag Gunashli (ACG) field in Azerbaijan from Equinor. This also includes the acquisition of 0.737% shares of Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary ONGC BTC," a company statement said.

The firm had signed a sale purchase agreement (SPA) for the stake buy in July and the deal was completed on November 29.

"The total investment for this acquisition is around $60 million," it said.

OVL currently has a 2.31% stake in the ACG field and 2.36% in the BTC pipeline. The buyout of Equinor will help raise its stake.